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They are particularly common in relation to rented accommodation, where they may also be referred to as a tenancy deposit, bond deposit, [1] or bond. The owner of the item (the landlord in the case of accommodation) will take a sum of money from the person(s) renting the item (the tenant).
In 1986, The Residential Tenancies Act was passed and The Ministry of Housing was formed. This entity was responsible for government housing policy, managing the State Housing Appeals Authority, holding and managing Tenancy bond monies, providing tenancy advice (Tenancy Services), delivering mediations and administration of The Tenancy Tribunal.
Either a Landlord or a tenant may begin the claims process from 14 days after the end of the tenancy. [8] The first step in beginning a claim is to obtain a so-called Statutory Declaration by accessing the Landlord or tenant's online account, and starting the process using an online form. [8]
A rental agreement or lease may include a "rent review" clause which makes provision for the rental amount to be increased, the process for the landlord to provide notice of a rent increase and the options available to the tenant regarding acceptance or rejection of the proposed increase. [3]
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A credit tenant lease (also known as a "bondable lease") is a method of financing real estate. [1] [2] A "credit tenant lease" is a lease from a landlord to a tenant that carries sufficient guarantees that lenders will perceive the rent cash flows from the lease are as reliable as a corporate bond. This typically requires that the tenant have ...
The form of contract most favoured by public bodies is the NEC contract suite. [ 9 ] In the UK, specific requirements relating to payments and adjudication provisions were introduced by the Housing Grants, Construction and Regeneration Act 1996 , [ 10 ] and were subsequently amended in Part 8 of the Local Democracy, Economic Development and ...
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